Samsung’s recent announcement that it is adding stablecoin support to 800 million new smartphones could position the tech giant to become a major stablecoin distributor, experts told CoinDesk.
This is not Samsung's first venture into cryptocurrencies. Samsung, the largest company in South Korea, has been actively involved in the crypto industry for several years, having introduced its digital asset wallet in 2019 through Knox, a hardware-isolated vault with fingerprint or PIN access. The wallet allows users to store and manage crypto including bitcoin, ether and tron, and supports connecting external hardware wallets like Ledger's Nano S and Nano X directly to a Galaxy device. Samsung is now arguing that it can make payments easier, using a type of cryptocurrency with a consistent value.
“Due to this strategic move, Samsung will emerge as a dominant distributor of stablecoins such as USDC,” said Joseph Goh, director and head of Asia Pacific at crypto investment banking and advisory firm Areta, in chat messages with CoinDesk. He said one of the most significant issues holding back greater adoption is reaching potential new users. “Distribution is the scarce asset here, and Samsung owns a great deal of it.”